401(k) Fee Benchmarking Services

Benchmarking investment is minimal compared to the cost of inaction. Research shows 80% of companies with 100+ employees are overpaying on administrative fees, often by tens to hundreds of thousands annually. Our Live Bid process typically identifies savings that far exceed benchmarking costs. We provide free initial consultations to discuss your specific situation and help you determine if your company's retirement plan needs evaluation.

Three things set us apart: we generate over 90% of our revenue from retirement plans, making us specialists rather than generalists. Our Live Bid methodology analyzes 450+ data points per bidder using your actual plan information, not industry averages or stale data. We're registered named fiduciaries acting in 3(21) or 3(38) capacity with all clients, directly sharing your fiduciary liability and demonstrating our commitment to acting in the best interest of plan participants.

Yes. Industry fees decline 0.02% to 0.12% annually as recordkeeping becomes more efficient and competition intensifies. Plans benchmarked two years ago are likely paying more than current market rates for administration fees, investment management, and individual service fees. Plus, best practice and litigation trends support regular benchmarking every three years. Consistent benchmarking documents your ongoing fiduciary duty, not just point-in-time compliance.

Our Live Bid plan benchmarking typically takes four to six weeks from start to final presentation. Plan sponsors spend minimal time on the process—usually just one initial meeting to review plan documents and reviewing our final reports. We handle provider coordination, data collection, and analysis. If you choose to implement a provider change to reduce costs, that adds three to six months depending on plan complexity.

Reasonable fees depend on plan size, services provided, and participant count. Industry data shows average total plan costs of 1.09% for small plans ($5M in plan assets, 50 participants), 0.76% for medium plans ($50M assets), and under 0.50% for large plans ($500M+ assets). Plans paying above these industry averages, especially those above 0.30% in administration fees alone, are likely overpaying. We provide specific benchmarks and fee comparisons for your plan's characteristics.

Our plan benchmarking service includes comprehensive documentation for your Virtual 401(k) Fiduciary File, protecting you in DOL audits or litigation. We provide ongoing monitoring to track when your next benchmark is due, ensuring you maintain best-practice three-year cycles and continue meeting fiduciary obligations. Many clients engage us as their 3(21) or 3(38) named fiduciary for continuous plan oversight beyond benchmarking.